End of the road: Why More Than will no longer sell car insurance as insurer RSA quits market March 29, 2023 RSA has set out its plans to exit the car insurance business in the face of “extremely competitive” market conditions. In a statement, RSA said it had struck an agreement to “introduce” car insurance customers held through its More Than business to UK rival Swinton, with a view to boosting its business, home and [...]
Could fixing workplace stress save the UK £28bn a year? Axa warns burnout is burning a hole the economy March 29, 2023 People taking sick days because of work-related stress or burnout is costing the UK economy £28 billion a year, according to new research which highlights the financial toll of poor mental wellbeing. More people said they were struggling in the UK than in any other nation, the survey of 30,000 adults across 16 European, Asian [...]
From cow herder to corporate chief – meet the man who leads Axa’s City division March 29, 2023 Axa’s UK chief executive Claudio Gienal is willing to admit he’s a tough boss. Speaking to City A.M., the Swiss exec, who took up his position as the head of Axa’s UK & Ireland business in 2017, is very clear that he doesn’t like “excuses”. He’s also clear that the people around him have to [...]
Lloyd’s of London’s war underwriters prepare to pay out over ships stuck in Ukrainian waters March 28, 2023 Lloyd’s of London’s war underwriters have begun setting aside cash reserves as they prepare to pay out on a flurry of claims from the owners of ships stuck in Ukraine’s territorial waters. The insurance market is readying itself for a new wave of claims from shipowners that have now become viable following the anniversary of [...]
Stop being TWaTs! Lloyd’s of London chief says City must drop ‘Tuesday, Wednesday and Thursday world’ March 23, 2023 Lloyd’s of London chief John Neal has called for a move away from the “Tuesday, Wednesday, Thursday world” in arguing there will always be times that people “have to be in every day of the week”. Speaking to City A.M., Neal called for a shift away from the “two days a week or three days [...]
Hurricane Ian sees global insurance sector suffer more than $100bn loss for the fifth time since 1970 March 22, 2023 The global insurance sector suffered natural catastrophe losses of more than $100bn (£81bn) for just the fifth time in 2022, after taking a major hit from Hurricane Ian, new research shows. Natural catastrophes caused $275bn worth of damage in 2022, costing insurance companies $125bn, the research from reinsurance company Swiss Re shows. The hit [...]
Axa rejects claim FCA’s Consumer Duty could hurt City’s finance sector March 22, 2023 The head of Axa’s UK & Ireland division has pushed back against claims the Financial Conduct Authority’s new Consumer Duty could hinder the City’s competitiveness. Claudio Gienal, chief executive of AXA UK and Ireland, told City A.M. he “supports” the FCA’s new customer-focused mandate. Gienal also said he doesn’t “see an issue with competitiveness” around [...]
European insurance M&A deals hit record high as investors shrugged off recession and interest rate fears March 22, 2023 The market for M&A deals involving European insurance companies surged in 2022, as private equity funds continued to drive the market forwards, despite the headwinds facing the global economy. The boom saw investors shrug off rising interest rates to complete a record 435 M&A deals in 2022, up from 285 in 2020 and 379 in [...]
Summertime sadness: 2022 heatwave leaves insurers with £219bn subsidence bill March 21, 2023 Insurers are set to pay out £219m to Brits whose houses sunk into the ground due to the heatwave last year, new figures from the Association of British Insurers (ABI) show. The summer heatwave, which saw temperatures in the Lincolnshire town on Coningsby hit record highs of 40.3 degrees Celsius, led to a surge in [...]
World’s top insurers to face aircraft leasers in High Court ‘mega trial’ over planes seized by Russia March 15, 2023 Insurance giants Lloyd’s, AIG and Fidelis are set to face a ‘mega trial’ in London’s High Court over their refusal to pay out billions in insurance claims to aircraft leasers that had their planes seized by President Vladimir Putin. A High Court judge has ruled claims brought forward by an array of the world’s biggest [...]